By Keith Farren
Specialty insurance
from a classic car insurance company offers a number of benefits for those who
own and drive collector cars. Companies that specialize in antique car
insurance can offer better coverage with lower premiums than a standard auto
insurance company, but the better coverage and lower premiums come with some
restrictions. There are a lot of points to consider when choosing a classic
auto insurance provider, so it is important that you do your homework in order
to find the antique auto insurance provider that is the best fit for you
Grundy Worldwide is
one insurance company that specializes in collector car insurance. They have
been in business since 1947 in Horsham, PA just north of Philadelphia. Since
their beginning, Grundy Classic Car Insurance has covered over 1.5 million
collector vehicles, and they are one of the fastest growing classic auto
insurance companies. The owner is a car collector and restorer himself, having
won awards at several of the major collector car events in the US. His
involvement in the hobby helps him to understand the wants and needs of other
car collectors
Grundy Classic Car
Insurance is the originator of the Agreed Value policy, in which the insurance
company and the car owner set an agreed value on the vehicle before the policy
is initiated. If there is a total loss, the car owner receives the full value
of the car, instead of what the insurance company decides the car was worth
after the fact. Grundy will insure any year vehicle, even late model cars as
long as they are used for show, hobby and pleasure purposes only. Many other
collector auto insurance companies will only write policies for vehicles of a
certain age or older
Grundy only uses
underwriters with an A.M. Best rating of A+ or higher, which means the
companies are very stable financially. They offer liability up to one million
dollars, and have a single liability charge for collectors with more than one
vehicle. Grundy's antique auto insurance policies have a number of built-in
coverage perks, which include towing and labor expenses, car show medical reimbursement,
automatic 30-day coverage for new acquisitions, and coverage for the loss of
spare parts. They even have "Trip Interruption" coverage for costs
incurred from a breakdown on the way to a show (such as transportation,
lodging, and meal expenses). One feature that Grundy provides that many others
do not is their "Inflation Guard", which automatically increases the
amount your vehicle is insured for by 4% each year
Like any other vintage
car insurance provider, Grundy has some restrictions. Your car must be stored
inside a locked garage when not in use; you must have a daily driver vehicle
for each licensed driver in your household in addition to the classic vehicle;
and the car must be in excellent condition. The vehicle should only be used for
collector activities, but one feature that sets Grundy apart from many other
classic antique auto insurance providers is that they do not have a mileage
limitation. Many antique classic car insurance companies have limits ranging
from 1,000 miles up to 6,000 miles per year, but with Grundy Nationwide you can
drive the car to as many distant car shows as you like without worrying about
exceeding a yearly mileage limit
Grundy also offers
specialized insurance for restoration shops. It provides Agreed Value coverage
for the Garagekeepers portion of the policy, instead of the Actual Cash Value
coverage that other insurance providers offer. Since they don't offer this
policy to mainstream collision repair shops, the premiums are lower than they
would be for the often inadequate protection a specialty shop gets from a
standard insurance provider
Grundy Classic Car
insurance has a lot to offer for the car collector. Whether you need muscle car
insurance, antique car insurance, or collector car insurance for a late model
specialty car, Grundy can provide an Agreed Value policy that will most likely
suit your needs. However, they are just one of many different classic auto
insurance providers out there. Do some research on several different specialty
insurance providers to find the one that is right for you
To learn more about
collector car insurance and what to look for in a classic auto insurance
company, click on American Classic Car Insurance. For a directory comparing the most popular
collector auto insurance providers, click on Classic Car Insurance Companies.
Keith Farren is an ASE
Certified Master Technician with a Bachelor of Science in Business
Administration, an Associate degree in Automotive Technology, and over twenty
years experience in the automotive industry.
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